$4.50 NNN? You Must Be Joking
October 23, 2009
We’ve generally refrained from turning this blog into a Burbed for commercial real estate, but occasionally we see a listing that makes us reconsider. So in the Burbed spirit ladies and gentlemen, we would like to present you with 350 Winchester Blvd! Only $4.50 NNN (that’s $54 for those of you in SF).
At these rates, we hope it’s got entitlements for a grow house, because without those entitlements it’s maybe $2.00 space.
And in case you are wondering, this is the same property that was subject of an ongoing lawsuit that last we read put FRIT on the hook for a pretty penny.
We’ll have to come up with a special tag for these kind of listings – feel free to comment with any ideas. Here’s a couple to start with: “dreaming” and “out of touch”.
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Tags: 350 Winchester, Commercial Real Estate, Federal Realty, Office Space, Santana Row
I love these type of posts! They expose the fact that many people are just not living in reality. One thing I noticed in the brochure is that the smallest space they can provide is 6,700 square feet. Needless to say, $4.50 NNN for 6,700 square feet is VERY STEEP. It would be one thing if it was a 750 – 1,200 square foot suite in an A+ location, but this seems to miss that mark by a wide margin.
I like the grow house comment. Appropriate for NorCal and the numbers would still work at $4.50 NNN.
just because it is next to mantana row doesn’t mean it’s a great retail location. i bet if you look at the non restaurant retailers at santana row, they actually don’t do that well, and to expect people to walk down the alley to get to this building is a stretch too.
I sincerely hope this broker likes working for free
That might be a prime retail location, but that is an office building!!!
Didn’t the owners of Santana Row try to buy this property back before they started construction and they refused to sell? I wonder if they wished they sold now…
Santana Row had a signed LOI for this building and then walked. Owner sued and won a huge lawsuit saying the LOI was indeed a contract. Not sure if that woned still owns it.